The scenario that played out when the local government closed Peter Schiff’s bank showed that Bitcoin is needed for financial freedom. Reportedly, BTC gave about 4 million unbanked El Salvadorians access to financial facilities within a year.
Schiff Claimed Local Government Illegally Closed His Bank
From the onset, Schiff has been emphasizing that the biased local government is responsible for the closure of his bank. He added that the corrupt regulators are stealing his money because he once criticized them in the past.
However, the President has now commented on one of Schiff’s tweets in January, to taunt him about his bank closure. While the two are exchanging views, the general global economy markets are deteriorating.
Cryptocurrency Offers Financial Freedom Unlike Local Banks
While lamenting how he was treated unfairly by the government, indirectly, it showed how local banks forbade financial freedom. Unlike traditional banks, crypto gives you financial freedom by letting you have total control over your assets.
One pain point of crypto that critics like to point out is the high volatility rate it has. However, despite crypto’s current bloodbath, many leading stocks were reported to have lost more value than BTC this year.
In El Salvador, Bitcoin had helped about 70% of their unbanked people to gain financial freedom. Amidst the market unrest, the country has registered over 4 million people without banks via their general Bitcoin address.
In addition, ever since the country adopted BTC into its payment system, its remittance network has been highly improved. Citizens have been enjoying fast foreign transactions at a very cheap rate, unlike their former traditional financial system.
BTC brought a lot of comforting changes to El Salvador’s remittance system. This serves as an insight into how BTC can give financial freedom to people without a bank.
The crypto market is still wallowing in a bloodbath as it records a loss of about 60% market cap. Furthermore, the equity market is having a bad season as it records its all-time low.